Present Value Tables

APPENDIX
Present Value Tables
TABLE 1 Present Value of $1 to Be Received at the End of a Given Number of Time Periods
Periods
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
12%
1
2
3
4
5
0.990
0.980
0.971
0.961
0.951
0.980
0.961
0.942
0.924
0.906
0.971
0.943
0.915
0.888
0.883
0.962
0.925
0.889
0.855
0.822
0.952
0.907
0.864
0.823
0.784
0.943
0.890
0.840
0.792
0.747
0.935
0.873
0.816
0.763
0.713
0.926
0.857
0.794
0.735
0.681
0.917
0.842
0.772
0.708
0.650
0.909
0.826
0.751
0.683
0.621
0.893
0.797
0.712
0.636
0.567
6
7
8
9
10
0.942
0.933
0.923
0.914
0.905
0.888
0.871
0.853
0.837
0.820
0.837
0.813
0.789
0.766
0.744
0.790
0.760
0.731
0.703
0.676
0.746
0.711
0.677
0.645
0.614
0.705
0.665
0.627
0.592
0.558
0.666
0.623
0.582
0.544
0.508
0.630
0.583
0.540
0.500
0.463
0.596
0.547
0.502
0.460
0.422
0.564
0.513
0.467
0.424
0.386
0.507
0.452
0.404
0.361
0.322
11
12
13
14
15
0.896
0.887
0.879
0.870
0.861
0.804
0.788
0.773
0.758
0.743
0.722
0.701
0.681
0.661
0.642
0.650
0.625
0.601
0.577
0.555
0.585
0.557
0.530
0.505
0.481
0.527
0.497
0.469
0.442
0.417
0.475
0.444
0.415
0.388
0.362
0.429
0.397
0.368
0.340
0.315
0.388
0.356
0.326
0.299
0.275
0.350
0.319
0.290
0.263
0.239
0.287
0.257
0.229
0.205
0.183
16
17
18
19
20
0.853
0.844
0.836
0.828
0.820
0.728
0.714
0.700
0.686
0.673
0.623
0.605
0.587
0.570
0.554
0.534
0.513
0.494
0.475
0.456
0.458
0.436
0.416
0.396
0.377
0.394
0.371
0.350
0.331
0.312
0.339
0.317
0.296
0.277
0.258
0.292
0.270
0.250
0.232
0.215
0.252
0.231
0.212
0.194
0.178
0.218
0.198
0.180
0.164
0.149
0.163
0.146
0.130
0.116
0.104
21
22
23
24
25
0.811
0.803
0.795
0.788
0.780
0.660
0.647
0.634
0.622
0.610
0.538
0.522
0.507
0.492
0.478
0.439
0.422
0.406
0.390
0.375
0.359
0.342
0.326
0.310
0.295
0.294
0.278
0.262
0.247
0.233
0.242
0.226
0.211
0.197
0.184
0.199
0.184
0.170
0.158
0.146
0.164
0.150
0.138
0.126
0.116
0.135
0.123
0.112
0.102
0.092
0.093
0.083
0.074
0.066
0.059
26
27
28
29
30
0.772
0.764
0.757
0.749
0.742
0.598
0.586
0.574
0.563
0.552
0.464
0.450
0.437
0.424
0.412
0.361
0.347
0.333
0.321
0.308
0.281
0.268
0.255
0.243
0.231
0.220
0.207
0.196
0.185
0.174
0.172
0.161
0.150
0.141
0.131
0.135
0.125
0.116
0.107
0.099
0.106
0.098
0.090
0.082
0.075
0.084
0.076
0.069
0.063
0.057
0.053
0.047
0.042
0.037
0.033
40
0.672
0.453
0.307
0.208
0.142
0.097
0.067
0.046
0.032
0.022
0.011
50
0.608
0.372
0.228
0.141
0.087
0.054
0.034
0.021
0.013
0.009
0.003
1334
1335
Table 1 is used to compute the value today of a single amount of cash to be

received sometime in the future. To use Table 1, you must first know (1) the time
period in years until funds will be received, (2) the stated annual rate of interest,
and (3) the dollar amount to be received at the end of the time period.
ExampleTable 1. What is the present value of $30,000 to be received 25

years from now, assuming a 14 percent interest rate? From Table 1, the required
multiplier is 0.038, and the answer is:
$30,000 0.038 $1,140
The factor values for Table 1 are:
PV Factor (1 r)n
14%
15%
16%
18%
20%
25%
30%
35%
40%
45%
50%
Periods
0.877
0.769
0.675
0.592
0.519
0.870
0.756
0.658
0.572
0.497
0.862
0.743
0.641
0.552
0.476
0.847
0.718
0.609
0.516
0.437
0.833
0.694
0.579
0.482
0.402
0.800
0.640
0.512
0.410
0.328
0.769
0.592
0.455
0.350
0.269
0.741
0.549
0.406
0.301
0.223
0.714
0.510
0.364
0.260
0.186
0.690
0.476
0.328
0.226
0.156
0.667
0.444
0.296
0.198
0.132
1
2
3
4
5
0.456
0.400
0.351
0.308
0.270
0.432
0.376
0.327
0.284
0.247
0.410
0.354
0.305
0.263
0.227
0.370
0.314
0.266
0.225
0.191
0.335
0.279
0.233
0.194
0.162
0.262
0.210
0.168
0.134
0.107
0.207
0.159
0.123
0.094
0.073
0.165
0.122
0.091
0.067
0.050
0.133
0.095
0.068
0.048
0.035
0.108
0.074
0.051
0.035
0.024
0.088
0.059
0.039
0.026
0.017
6
7
8
9
10
0.237
0.208
0.182
0.160
0.140
0.215
0.187
0.163
0.141
0.123
0.195
0.168
0.145
0.125
0.108
0.162
0.137
0.116
0.099
0.084
0.135
0.112
0.093
0.078
0.065
0.086
0.069
0.055
0.044
0.035
0.056
0.043
0.033
0.025
0.020
0.037
0.027
0.020
0.015
0.011
0.025
0.018
0.013
0.009
0.006
0.017
0.012
0.008
0.006
0.004
0.012
0.008
0.005
0.003
0.002
11
12
13
14
15
0.123
0.108
0.095
0.083
0.073
0.107
0.093
0.081
0.070
0.061
0.093
0.080
0.069
0.060
0.051
0.071
0.060
0.051
0.043
0.037
0.054
0.045
0.038
0.031
0.026
0.028
0.023
0.018
0.014
0.012
0.015
0.012
0.009
0.007
0.005
0.008
0.006
0.005
0.003
0.002
0.005
0.003
0.002
0.002
0.001
0.003
0.002
0.001
0.001
0.001
0.002
0.001
0.001
16
17
18
19
20
0.064
0.056
0.049
0.043
0.038
0.053
0.046
0.040
0.035
0.030
0.044
0.038
0.033
0.028
0.024
0.031
0.026
0.022
0.019
0.016
0.022
0.018
0.015
0.013
0.010
0.009
0.007
0.006
0.005
0.004
0.004
0.003
0.002
0.002
0.001
0.002
0.001
0.001
0.001
0.001
0.001
0.001
0.033
0.029
0.026
0.022
0.020
0.005
0.026
0.023
0.020
0.017
0.015
0.004
0.021
0.018
0.016
0.014
0.012
0.003
0.014
0.011
0.010
0.008
0.007
0.001
0.009
0.007
0.006
0.005
0.004
0.001
0.003
0.002
0.002
0.002
0.001
0.001
0.001
0.001
0.001
0.001
0.001
21
22
23
24
25
26
27
28
29
30
40
50
1336
APPENDIX B
TABLE 2 Present Value of $1 Received Each Period for a Given Number of Time Periods
Periods
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
12%
1
2
3
4
5
0.990
1.970
2.941
3.902
4.853
0.980
1.942
2.884
3.808
4.713
0.971
1.913
2.829
3.717
4.580
0.962
1.886
2.775
3.630
4.452
0.952
1.859
2.723
3.546
4.329
0.943
1.833
2.673
3.465
4.212
0.935
1.808
2.624
3.387
4.100
0.926
1.783
2.577
3.312
3.993
0.917
1.759
2.531
3.240
3.890
0.909
1.736
2.487
3.170
3.791
0.893
1.690
2.402
3.037
3.605
6
7
8
9
10
5.795
6.728
7.652
8.566
9.471
5.601
6.472
7.325
8.162
8.983
5.417
6.230
7.020
7.786
8.530
5.242
6.002
6.733
7.435
8.111
5.076
5.786
6.463
7.108
7.722
4.917
5.582
6.210
6.802
7.360
4.767
5.389
5.971
6.515
7.024
4.623
5.206
5.747
6.247
6.710
4.486
5.033
5.535
5.995
6.418
4.355
4.868
5.335
5.759
6.145
4.111
4.564
4.968
5.328
5.650
11
12
13
14
15
10.368
11.255
12.134
13.004
13.865
9.787
10.575
11.348
12.106
12.849
9.253
9.954
10.635
11.296
11.938
8.760
9.385
9.986
10.563
11.118
8.306
8.863
9.394
9.899
10.380
7.887
8.384
8.853
9.295
9.712
7.499
7.943
8.358
8.745
9.108
7.139
7.536
7.904
8.244
8.559
6.805
7.161
7.487
7.786
8.061
6.495
6.814
7.103
7.367
7.606
5.938
6.194
6.424
6.628
6.811
16
17
18
19
20
14.718
15.562
16.398
17.226
18.046
13.578
14.292
14.992
15.678
16.351
12.561
13.166
13.754
14.324
14.878
11.652
12.166
12.659
13.134
13.590
10.838
11.274
11.690
12.085
12.462
10.106
10.477
10.828
11.158
11.470
9.447
9.763
10.059
10.336
10.594
8.851
9.122
9.372
9.604
9.818
8.313
8.544
8.756
8.950
9.129
7.824
8.022
8.201
8.365
8.514
6.974
7.120
7.250
7.366
7.469
21
22
23
24
25
18.857
19.660
20.456
21.243
22.023
17.011
17.658
18.292
18.914
19.523
15.415
15.937
16.444
16.936
17.413
14.029
14.451
14.857
15.247
15.622
12.821
13.163
13.489
13.799
14.094
11.764
12.042
12.303
12.550
12.783
10.836
11.061
11.272
11.469
11.654
10.017
10.201
10.371
10.529
10.675
9.292
9.442
9.580
9.707
9.823
8.649
8.772
8.883
8.985
9.077
7.562
7.645
7.718
7.784
7.843
26
27
28
29
22.795
23.560
24.316
25.066
20.121
20.707
21.281
21.844
17.877
18.327
18.764
19.189
15.983
16.330
16.663
16.984
14.375
14.643
14.898
15.141
13.003
13.211
13.406
13.591
11.826
11.987
12.137
12.278
10.810
10.935
11.051
11.158
9.929
10.027
10.116
10.198
9.161
9.237
9.307
9.370
7.896
7.943
7.984
8.022
30
25.808
22.396
19.600
17.292
15.373
13.765
12.409
11.258
10.274
9.427
8.055
40
32.835
27.355
23.115
19.793
17.159
15.046
13.332
11.925
10.757
9.779
8.244
50
39.196
31.424
25.730
21.482
18.256
15.762
13.801
12.234
10.962
9.915
8.305
Table 2 is used to compute the present value of a series of equal annual cash
flows.
ExampleTable 2. Arthur Howard won a contest on January 1, 2010, in

which the prize was $30,000, payable in 15 annual installments of $2,000 each
December 31, beginning in 2010. Assuming a 9 percent interest rate, what is the
present value of Howards prize on January 1, 2010? From Table 2, the required
multiplier is 8.061, and the answer is:
$2,000 8.061 $16,122
The factor values for Table 2 are:
1 (1 r)n
PVa Factor ____________
r
1337
14%
15%
16%
18%
20%
25%
30%
35%
40%
45%
50%
Periods
0.877
1.647
2.322
2.914
3.433
0.870
1.626
2.283
2.855
3.352
0.862
1.605
2.246
2.798
3.274
0.847
1.566
2.174
2.690
3.127
0.833
1.528
2.106
2.589
2.991
0.800
1.440
1.952
2.362
2.689
0.769
1.361
1.816
2.166
2.436
0.741
1.289
1.696
1.997
2.220
0.714
1.224
1.589
1.849
2.035
0.690
1.165
1.493
1.720
1.876
0.667
1.111
1.407
1.605
1.737
1
2
3
4
5
3.889
4.288
4.639
4.946
5.216
3.784
4.160
4.487
4.772
5.019
3.685
4.039
4.344
4.607
4.833
3.498
3.812
4.078
4.303
4.494
3.326
3.605
3.837
4.031
4.192
2.951
3.161
3.329
3.463
3.571
2.643
2.802
2.925
3.019
3.092
2.385
2.508
2.598
2.665
2.715
2.168
2.263
2.331
2.379
2.414
1.983
2.057
2.109
2.144
2.168
1.824
1.883
1.922
1.948
1.965
6
7
8
9
10
5.453
5.660
5.842
6.002
6.142
5.234
5.421
5.583
5.724
5.847
5.029
5.197
5.342
5.468
5.575
4.656
4.793
4.910
5.008
5.092
4.327
4.439
4.533
4.611
4.675
3.656
3.725
3.780
3.824
3.859
3.147
3.190
3.223
3.249
3.268
2.752
2.779
2.799
2.814
2.825
2.438
2.456
2.469
2.478
2.484
2.185
2.197
2.204
2.210
2.214
1.977
1.985
1.990
1.993
1.995
11
12
13
14
15
6.265
6.373
6.467
6.550
6.623
5.954
6.047
6.128
6.198
6.259
5.669
5.749
5.818
5.877
5.929
5.162
5.222
5.273
5.316
5.353
4.730
4.775
4.812
4.844
4.870
3.887
3.910
3.928
3.942
3.954
3.283
3.295
3.304
3.311
3.316
2.834
2.840
2.844
2.848
2.850
2.489
2.492
2.494
2.496
2.497
2.216
2.218
2.219
2.220
2.221
1.997
1.998
1.999
1.999
1.999
16
17
18
19
20
6.687
6.743
6.792
6.835
6.873
6.312
6.359
6.399
6.434
6.464
5.973
6.011
6.044
6.073
6.097
5.384
5.410
5.432
5.451
5.467
4.891
4.909
4.925
4.973
4.948
3.963
3.970
3.976
3.981
3.985
3.320
3.323
3.325
3.327
3.329
2.852
2.853
2.854
2.855
2.856
2.498
2.498
2.499
2.499
2.499
2.221
2.222
2.222
2.222
2.222
2.000
2.000
2.000
2.000
2.000
21
22
23
24
25
6.906
6.935
6.961
6.983
7.003
6.491
6.514
6.534
6.551
6.566
6.118
6.136
6.152
6.166
6.177
5.480
5.492
5.502
5.510
5.517
4.956
4.964
4.970
4.975
4.979
3.988
3.990
3.992
3.994
3.995
3.330
3.331
3.331
3.332
3.332
2.856
2.856
2.857
2.857
2.857
2.500
2.500
2.500
2.500
2.500
2.222
2.222
2.222
2.222
2.222
2.000
2.000
2.000
2.000
2.000
26
27
28
29
30
7.105
6.642
6.234
5.548
4.997
3.999
3.333
2.857
2.500
2.222
2.000
40
7.133
6.661
6.246
5.554
4.999
4.000
3.333
2.857
2.500
2.222
2.000
50
Table 2 is the columnar sum of Table 1. Table 2 applies to ordinary annuities, in

which the first cash flow occurs one time period beyond the date for which the
present value is computed.
An annuity due is a series of equal cash flows for N time periods, but the first
payment occurs immediately. The present value of the first payment equals the
face value of the cash flow; Table 2 then is used to measure the present value of
N 1 remaining cash flows.
ExampleTable 2. Determine the present value on January 1, 2010, of

20 lease payments; each payment of $10,000 is due on January 1, beginning in
2010. Assume an interest rate of 8 percent.
Present Value Immediate Payment Present Value of 19 Subsequent
Payments at 8%
$10,000 ($10,000 9.604) $106,040

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APPENDIX